Single Best Idea: Wolfe & Patterson
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Union says 'nothing scheduled' with Air Canada as strike by flight attendants halts operations
The union representing Air Canada flight attendants says no talks are scheduled with the airline as a strike that began early Saturday led to the airline suspending operations. The union and airline met late Friday night before 10,000 flight attendants walked off the job at 12:58 a.m. ET, Wesley Lesosky, president of the Air Canada component of the Canadian Union of Public Employees (CUPE), told a morning news conference. Lesosky said their last meeting was Friday night, but Air Canada offered "nothing of substance" to bring back to members. Asked when Canadians could expect to be back on flights, Lesosky said it's up to Air Canada, but that public pressure on the airline will make a "huge difference" in reaching a settlement. CBC News has reached out to Air Canada for comment and will update this story with any response. Jobs Minister Patty Hajdu also met with both the airline and union on Friday night. "It is unacceptable that such little progress has been made. Canadians are counting on both parties to put forward their best efforts," Hajdu said on social media platform X. Picket lines set up across Canada All Air Canada and Air Canada Rouge flights are suspended for now. Around 130,000 customers will be affected each day the strike continues, said the airline. Flights by Air Canada Express, which are operated by third-party airlines Jazz and PAL, are not affected. "Air Canada deeply regrets the effect the strike is having on customers," it said in a brief statement early Saturday morning. CUPE has set up picket lines at airports across Canada, including in Montreal, Toronto, Calgary and Vancouver. Striking flight attendants also plan to picket at airports in Halifax, Ottawa and Winnipeg. In the meantime, passengers around the world are feeling the effects of the flight attendants' strike. Keelin Pringnitz and her family are from Ottawa and were returning from a European vacation, but were left stranded after flights were cancelled. "It was an end of my maternity leave kind of trip. We went to the Faroe Islands and Norway, travelling through Air Canada to London," Pringnitz said from London's Heathrow Airport. She noted there was an option for travellers to go the U.S. but she and others were told there wouldn't be any further assistance once they landed in the U.S. "It didn't go over well with the line. Nobody really seemed interested, everybody seemed a little bit amused almost at the suggestion, or exasperated, because it is a bit ridiculous to offer to take stranded passengers to a different country to strand them there." For customers due to travel soon whose flights are not yet cancelled, Air Canada said it will allow them to rebook their travel or obtain a credit for future travel. Sides at an impasse on pay Air Canada and CUPE have been in contract talks for about eight months, but have yet to reach a tentative deal. Both sides say they remain far apart on the issue of pay and the unpaid work flight attendants do when planes aren't in the air. WATCH | Thousands of Air Canada flight attendants walk off the job: The airline's latest offer included a 38 per cent increase in total compensation, including benefits and pensions over four years, that it said "would have made our flight attendants the best compensated in Canada." But the union pushed back, saying the proposed 8 per cent raise in the first year didn't go far enough because of inflation. Government intervention Air Canada previously asked Hajdu to intervene by ordering the parties to enter a binding arbitration process — a power granted to the minister through Sec. 107 of the Canada Labour Code. On Friday, Hajdu urged Air Canada and the union to get back to the negotiating table, suggesting she's not ready to intervene. The minister said the union has indicated many of its demands have been met, suggesting there is a path forward to a deal. WATCH | The impact of the flight attendants' strike on travellers: Hajdu had asked the union to respond to the company's request. CUPE indicated Friday it opposed arbitration, instead maintaining its desire to solve the impasse through bargaining.
Yahoo
12 minutes ago
- Yahoo
The rich already know how private equity mints money — and it's not from a 401(k)
The ultrawealthy are envied for many reasons. For instance, we wish we could access the same private-market investments that they favor. Now, after the White House issued an executive order on Aug. 7, you may be able to invest like the billionaires do. Homeowners rush to refinance as mortgage-rate plunge opens window of opportunity My wife and I are in our 50s and have $11 million. We're not leaving it to our kids. Is that wrong? You could receive up to $7,500 from the AT&T settlement. Here's how class-action suits work. But would you want to? The executive order allows ordinary retirement savers to invest in private assets and cryptocurrency. This will expand investment options for anyone with a 401(k) or similar tax-advantaged retirement plan. It is a big deal — opening part of America's $12.4 trillion defined-contribution market to private-asset managers. The largest private-equity firms and other asset managers are salivating at the opportunity to pitch this untapped market of retirement savers. Private assets encompass a range of investments that do not trade on a public exchange. Examples include hedge funds, private equity, private credit and infrastructure. The case for private assets is they can provide a buffer against inflation — plus steady returns. The downsides include high fees, illiquidity and complexity. The nation's biggest asset managers welcome the executive order. They want to develop funds that make private assets easier for people to buy, and argue that the added diversification serves savers' best interests. Larry Fink, chief executive of BlackRock BLK, says retirement savers should replace the traditional 60% stocks/40% bonds asset-allocation model with a 50/30/20 split: 50% stocks, 30% bonds and 20% private assets. Read: Larry Fink proposes an alternative to the 60/40 portfolio. It means more fees. Should you be excited about this widening menu of investment choices? It depends on whom you ask. Some investment professionals like the idea of making private assets more available to more people. 'Historically, a number of private-market strategies have produced higher performance and additional diversification in defined-benefit pensions,' says Peter von Lehe, head of investment solutions and strategy at Neuberger Berman. 'It's appropriate that a broader range of investors have access to private assets in their defined-contribution plans because of the potential for return and diversification that these long-term investments can provide.' However, von Lehe cautions that these investments are illiquid and 'have a higher degree of complexity.' He says his 'most appropriate use case' for private-market investments is through professionally managed target-date funds or other funds that allocate a percentage of defined-contribution money to these complex but potentially more lucrative alternatives. Read: Here's something the rich know about managing investment risk that can help you, too Financial advisers have differing views on the role of private assets in client portfolios. Steven Roge, a certified financial planner in Bohemia, N.Y., says private markets are not for everyone. 'It's for people in the wealth-accumulation phase, say 40 to 50 years old, who have a long time horizon and a high risk tolerance,' Roge says. 'And they have to be sophisticated enough to understand it. We know if they don't understand it, they may not stick with it.' Of the firm's 300 clients, he says that 'only about a dozen' fit the bill for adding private-market assets to their retirement accounts. Even with the expanded investment options that may result from the White House's action, Roge remains a fan of passive strategies for most investors. 'Indexing is how they will win over the long run,' he says. 'But some clients want something that's special and different' as they seek market-beating returns. Given the illiquidity of private assets, Roge anticipates setting expectations for those clients who tend to monitor their portfolio daily — and who engage in frequent trading. 'These private investments may only price four times a year,' Roge says. 'That's not enough action for certain clients who track their portfolio like a hawk.' In his personal portfolio, Roge uses private markets — especially private equity — to diversify his holdings. He says he allocates about 25% to alternative assets. 'It helps me sleep at night knowing my portfolio isn't being pushed around by the volatility of public markets,' he says. Roge adds that he is not concerned about the current high valuations of private-equity funds. 'The valuations [of private-equity funds] are more realistic than the erratic valuations we see in public markets on a daily basis,' he says. Other advisers are more skeptical of the White House executive order. 'It's less being done out of interest for the general public and more for private industry lobbying the [Trump] administration,' says Alex Ruda, an adviser in Silver Spring, Md. The executive order undoubtedly pleases asset managers and private-equity firms. For years, they've wanted to attract retirement savers' money. These savers bear primary responsibility for managing their 401(k) compared with today's older retirees, many of whom receive employer-funded defined-benefit pensions. While some younger savers enjoy picking their investments, others dread it. 'The average American worker isn't equipped to navigate these complex [private-market] investments,' Ruda says. 'And they may fall prey to a little performance chasing given where we are in the market cycle' — as private markets have outperformed publicly traded stocks since 2000. Ruda feels so strongly about not incorporating private assets into client portfolios that he's willing to forgo newcomers who express such interest. 'If I wanted to broaden my client base, I'd have to play to what they want,' he says. 'But I don't have to do that. So I'd say to them, 'I'm not the best fit.'' Read next: Here's what it's like to invest in private equity — and why you don't want it in your 401(k) More: As private equity enters retirement plans, is it too dangerous for average investors to jump in? I'm a senior who barely survives on $1,300 a month. No way could I live on $1,000. 'I am a senior citizen': My car needs $3,500 for repairs, but only has a trade-in value of $6,000. Do I bother fixing it?
Yahoo
12 minutes ago
- Yahoo
Italian Football Finance Expert Reveals ‘Beppe Marotta's Inter Milan Shares Could End Up Being Worth €20M'
Italian football finance expert Carlo Festa expects the shares of Beppe Marotta in Inter Milan could end up being worth €20 million. Festa explained in a tweet that it is common practice for US fund to reward managers with shares in a company, hence why the Nerazzurri President has taken on a 2% stake in the club. Earlier today, Inter announced the club President Beppe Marotta now owns 2% of shares in the club. Marotta azionista con il 2 per cento dell'Inter. È tipico dei grandi fondi di private equity americani condividere con i manager la creazione di valore. Quando l'Inter verrà ceduta in futuro da Oaktree, la quota potrebbe valere più di 20 milioni di euro. — carlo festa (@carlopaolofesta) August 16, 2025 This comes after last May, when owners Oaktree Capital made the 68-year-old the President. Marotta has already been Inter's CEO of Sport since 2018. And now, he has become more prominent than ever within the club. Festa: 'Beppe Marotta Shares In Inter Milan Could End Up Being Worth €20M' PARMA, ITALY – APRIL 05: Giuseppe Marotta of FC Internazionale during the Serie A match between Parma and FC Internazionale at Stadio Ennio Tardini on April 05, 2025 in Parma, Italy. (Photo by) Italian football finance expert Carlo Festa, a journalist with business newspaper Il Sole 24 Ore, outlined the situation in a tweet. 'Marotta is officially a shareholder at Inter, with a 2% stake,' he notes. 'This is typical for large American private equity funds,' Festa adds. 'To share value creation with the executives.' 'When Oaktree sell Inter in the future, the shares could be worth over €20 million,' Festa predicts.
